2013 Oct 14th

Hoboken Condo Sales – By The Numbers

Average Sale Price of a Hoboken Condo:

almost $600,000

Average Price per Square Foot:

$545

Average Days a Condo Stays on the Market Before Going Under Contract:

32

Discount of Actual Sales Price off Asking Price:

less than 1%

How Long It Would Take to Sell Every “For Sale” Condo at Today’s Rate of Sales:

2 months

FacebookTwitterGoogle+Share
  1. JC

    Craziness. Many saw how mortgage rates spiked so fast during Summer. Its come down a bit and I’m sure many want to buy and lock in before they see a 5% handle on mortgage rates. I know if I was waiting on the fence, thinking long term rates would stay low to 2015 then saw what happened over Summer, I’d be anxious too.

  2. Craig

    Based on those numbers, looks like we’re back to a seller’s market. My, how quickly things change. I think Hoboken is back to or at least close to pre-bubble pricing. Which begs the question of why there isn’t more inventory out there. All the people holding on to their properties because they were underwater should be in the clear now, no? So why aren’t more people selling?

  3. MD

    Those of us who thought we were stuck stayed around and had families in our apartments. When we realized you can functionally live in a two bedroom apartment with two kids, we decided to stay. It is hard to imagine doubling my commute by moving to the burbs. At this point many people have extended their idea of how long you can stay in Hoboken and we have decided the schools are good- public or private- and that Hoboken is a great place to live with kids. There are tons of things to do, and it is nice not having to jump into a car for every activity. High school may be another story for many of us, but for right now we aren’t in any hurry. I never would have thought that 5 or 7 years ago.

  4. Craig

    There ya go MD! My wife and I have made the commitment to stay in Hoboken and start a family too. Neither of us wants a suburban lifestyle (she refuses to drive, and neither of us wants to commute an hour each way to work). Like you, when it comes to high school, we’ll cross that bridge when we come to it.

  5. Lori

    I think it is partly what Craig and MD said – families just dealing with less space and staying put. More than that, however, I believe some of these owners who were “stuck” decided to rent their places out rather than sell and quickly discovered that it was nice to get rental income every month. Why sell when you are making money? I believe they have moved on but kept and are keeping their condos as investments.

    I wish there were real stats on how many owner-occupied condos there are versus investor owned condos. That would be very telling.

Leave a Reply

Copyright © 2008 Hoboken Real Estate News     Login     Sitemap